Renewable Energy, Wind

Fiscal cliff deal extends production tax credit for wind energy

A Congressional deal to alter the Budget Control Act of 2011 (the so-called “fiscal cliff”) also provides for the extension of the production tax credit for wind energy.

The PTC extension will last for one year. The last extension of the PTC was due to expire at the end of 2012. According to reports, the PTC extension will cover projects that begin construction in 2013

The PTC gives a tax break of $.022 for every kilowatt-hour of wind power.

The American Wind Energy Association (AWEA) predicted the credit extension would save about 37,000 jobs.